PhonePe, GPay, Paytm hit record UPI volumes in May; digital gold demand stalls
UPI clocked 23.2 billion transactions worth Rs 29.9 lakh crore in May 2025. PhonePe led with 10.73 billion txns (46.3% share), followed by Google Pay at 32.8% and Paytm at 7.9%. Groceries topped merchant categories at 3.87 billion txns, while digital gold purchases stayed flat at 249 million txns worth Rs 2,451 crore.
UPI hit 23.2 billion transactions worth Rs 29.9 lakh crore in May. PhonePe (46.3%), Google Pay (32.8%) and Paytm (7.9%) led volumes. Groceries topped merchant categories at 3.87 billion txns; digital gold flat at 249 million.